Cordlife

Cordlife: Announced a strong set of results which was at the top end of estimates as net profit at $13.5m, +95% y/y, while revenue at $34.7m, +15% y/y. The increase in revenue was due mainly to an increase in the number of client deliveries, from approximately 7,200 in FY12 to 7,700 in FY13. The increase in client deliveries was due to increased awareness as a result of an increase in educational programs undertaken by the Group.Bottom-line was also aided by a $2.7m gain in the disposal of its 10% stake in China Stem cells. Going forward, the grp remains cautiously optimistic that its strong market position and brand equity, coupled with favourable industry factors, will benefit the Group in the next 12 months. Maybank-KE maintains Buy and raises TP to $1.47 from $1.29. House continue to like the co as it delivers attractive results and embark upon its multi-product expansion across Asia, where a good market mix of high penetration rate with stable earnings and high birth rate with high potential can be found.